Loss of Stated Income Loans Impedes Some Las Vegas Residents from Home Purchase

In recent years many home purchasers of Las Vegas real estate were able to accomplish their goal by qualifying for a stated income loan. Many who work on the Strip do not have a job that qualifies for current loans. Homes are affordable and now would be the time to purchase. However, it's tough when there are limited types of programs that require a certain criteria. According to the RJ:
"Average casino wage and allowable debt-to-income ratios by Freddie Mac and Fannie Mae would indicate that many hospitality workers can afford the American dream they were priced out of yesterday, said Cory Frey, senior loan officer for Southern Fidelity Mortgage.

"But they're being denied that opportunity, he said, because they can no longer use so-called stated income loans, or loans based on income other than reported wages."

Buyers must be very creative. Typically, they must save up a solid down payment, maintain great credit, and look for the right program to qualify for.

Working with a qualified Las Vegas real estate agent will help considerably. If there is a way to get it done, they will find it.